Dodd-Frank and Mutual Funds: Alternative Approaches to Systemic Risk
David M. Geffen
Joseph R. Fleming
affiliation not provided to SSRN
February 10, 2011
Bloomberg Law Reports: Securities Law, Vol. 5, No. 4, Jan. 24, 2011
Registered investment companies and registered investment advisers (also referred to herein as "funds" and "advisers," respectively) were minor players in the Credit Crisis. Nevertheless, the Dodd-Frank Act contains several provisions, rulemaking directives, and required studies that could impact funds and their advisers. These studies and regulations have the potential to impact funds and their advisers significantly.
Today, it is impossible to predict what impacts the Dodd-Frank Act will have on funds and their advisers. However, it is not too early to set the agenda concerning the extent to which these studies and regulations should impact funds and their advisers.
Money market funds, especially institutional money market funds, may be distinguishable as a unique sub-class of funds that is targeted for additional regulation because they are deemed to pose systemic risk. This article describes a proposal that represents an alternative reform to those now being discussed publicly if money market funds are deemed to present systemic risk.
Number of Pages in PDF File: 14
Keywords: Dodd-Frank Act, mutual funds, systemic risk, money market funds, investment company actAccepted Paper Series
Date posted: February 14, 2011 ; Last revised: February 22, 2011
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